Unilever Nigeria plc, leading personal care and consumer goods company, on Thursday, announced that it would separate its global tea business to be a separate legal entity.
The Company Secretary, Abidemi Ademola noted that the planned separation would go through the normal approval process and is expected to be concluded by the end of 2021.
Unilever global had in 2020 announced a strategic review of the tea business to become a separate entity on its own and its Thursday announcement has indicated that the plan would go on as scheduled.
The company tea brands include Pure Leaf that is primarily bottled tea, but also sells loose-leaf and teabags, in the U.S. Red Rose Tea – A popular Canadian brand, Red Rose Tea is partly owned by Unilever; Unilever owns the Canadian part of the brand, but Unilever sold the rights to the brand in the U.S. to another company. Saga Tea – A polish brand of tea, created by Unilever.
“Further to the announcement made on 5th August 2020 about Unilever’s global announcement on the Strategic Review and planned separation of its Tea business, this is to notify The Nigerian Stock Exchange and our esteemed shareholders of the plan to separate the Unilever Nigeria Plc tea business into a separate legal entity.
“The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021. We shall keep the Nigerian Stock Exchange and stakeholders informed of subsequent developments on this matter.”
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